March 31, 2017 / 3:48 PM / 8 months ago

J.P. Morgan cuts Q1 GDP estimate, raises Q2 outlook

NEW YORK, March 31 (Reuters) - J.P. Morgan on Friday downgraded its growth estimate on the U.S. economy in the first quarter on weaker-than-expected consumer spending data in February, but raised its outlook on economic growth in the second quarter due to an expected rebound in consumer spending.

The bank’s economist Michael Feroli said in a research note he lowered his view on U.S. gross domestic product in the first quarter to 1.0 percent from 1.5 percent and raised his GDP estimate for the second quarter to 3.0 percent from 2.0 percent.

Reporting by Richard Leong; Editing by Chizu Nomiyama

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